everal signals are showing that a big break down will come this week. A clear rising wedge is forming near our all time high with volume diminishing as the week progresses. Target drop will possibly break several support levels, the first being around the 18,500 mark. Support is relatively strong at that mark, however, if a large sell volume breaks through 18.5k, the next floor will be a fragile 17k. Bearish divergence continues to form a clear picture in our daily chart and RSI.
This is the pull back many analysts have been anticipating after this parabolic run up to reach our all time high. If bitcoin breaks down to my target of 15.5k, this is not necessarily a trend reversal and that we are back in the bear market. The EMA ribbon has been our support during this bull market as we continue to bounce off it with every retracing.